State Pension changes: What to do if you're planning on retiring abroad

There’s plenty to consider when moving abroad, and even before the new rules were announced, state pensions are one of them.

James Andrews, senior personal finance editor at money.co.uk, said: “The recent changes to state pensions serve as a timely reminder that you have to put a comprehensive financial plan in place if you’re intending to retire abroad.

“For starters, the process of moving your money overseas can take quite some time, so it’s best to start as early as possible.

“In some countries, for example, you can’t even set up a bank account without a residential address there, so it might be worth applying for a prepaid travel card or current account to act as a stop-gap while you sort out the Ts and Cs.

“The quickest and easiest way to get an overseas bank account set up is to speak to your existing bank to see if they have a presence abroad – it’ll make moving your money to your desired country much easier.”